Why U.S. oil production unlikely to grow this year
Posted: Tue May 30, 2023 9:08 am
Reuters: US oil & gas rigs fall in May by most in a month since 2020, Baker Hughes says.
The U.S. oil and gas rig count fell by 44 this month, the biggest drop in three years, after energy firms this week cut rigs for a fourth week in a row, energy services firm Baker Hughes Co (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by nine to 711 in the week to May 26, the lowest since May 2022. Baker Hughes said that puts the total rig count down by 16, or 2%, below this time last year.
The U.S. oil and gas rig count fell by 44 this month, the biggest drop in three years, after energy firms this week cut rigs for a fourth week in a row, energy services firm Baker Hughes Co (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by nine to 711 in the week to May 26, the lowest since May 2022. Baker Hughes said that puts the total rig count down by 16, or 2%, below this time last year.